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Meridian Sells 93-Unit Rent-Stabilized Multifamily Building on Fenimore Street in Flatbush, Brooklyn for $16.6 Million
Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold the multifamily property located at 743-755 Fenimore Avenue in Brooklyn, NY to 743 Fenimore Associates LLC for $16.625 million on behalf of Ace Fenimore LLC, which acquired the property in 1991. Meridian Director, Mark Steinmetz and Managing Director, Lipa Lieberman, represented the seller and procured the buyer. The sale price equates approximately to a 4.2% cap rate.
743-755 Fenimore Street is a 62,740 square foot elevatored multifamily building, built in 1964, and has an alternate address of 544-566 Troy Avenue. The seven-story property is composed of 93 rent-stabilized apartments and features a mix of studio, one bedroom and two bedroom units. 743-755 Fenimore Street is located in the Flatbush area of Brooklyn and sits at the northwest corner of Fenimore Street and Troy Avenue with a parking lot extending to the corner of Rutland Road.
“The property is located on the Eastern Boundary of Prospect-Lefferts Gardens, a gentrifying area that should see significant rent growth over the next five to 10 years,” said Mr. Steinmetz.
Founded in 1991, Meridian Capital Group is one of the nation’s leading commercial real estate finance advisory firms and America’s most active debt broker. In 2015, Meridian closed 3,900 loans totaling more than $35 billion in transaction volume with 210 unique lenders, equating to $135 million per business day. Since its inception, the Company has closed more than $240 billion in transactions with the full complement of capital providers, including local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian arranges financing for many of the world’s leading real estate investors and developers, and it’s expansive platform has specialized practices for a broad array of property types, including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Florida and California. http://www.mis.meridiancapital.com